HomeMy WebLinkAboutDocumentation_Regular_Tab 01_03/13/2014 TEQUESTA PUBLIC SAFETY OFFICERS' PEPISION TRUST FUND
Summary of Actions for Quarter ending 12/31/13
1. The regular Board meeting was held on February 3, 2014.
2. Bogdahn (by Tyler Grumbles) reviewed the 12/31/13 quarterly retums. At the
end of the quarter, the Plan's market value was $10,246,287 and the asset
allocation uvas Domestic Equity 52.50%, Intemational Equity 11.20%, Fixed
Income 28.60%, Global Fixetf Income 4.90%, and Cash Equivalent 2.80%. The
retums for the quarter were:
Quarter Retums:
Total Fund (Gross) 5.62% versus the benchmark at 5.72%.
A. Total Equity 8.73% versus the benchmark at 8.87%,
1. Total Domestic Equity 8.95% versus the benchmark at 10.10%
2. Total Int'I Equity 7.71 % versus the benchmark at 4.81 %
B. Total Fixed Income was 0.22% versus the benchmark at 0.02%
1. Total Domestic Fixed Income -0.04% versus benchmark at -0.14%
2. Total Diversified Fixed Income 3.27% versus benchmark at 0.99%
Fiscal Year (through 9/30/13):
Total Fund (Gross) 11.17% versus the benchmark at 11.86%.
Total Equity 20.30% versus the benchmark at 20.87%�
Total Domestic Equity 20.73% versus the benchmark at 21.60%
Total Int'I Equity 18.18% versus the benchmark at 16.98%,
Total Fixed Income was -1.47% versus the benchmark at -0.71 %
3. The Board continued to discuss the IRS Determination Letter. This matter has
been pending since January 2009. The IRS has been studying the DROP plans
across the country and is contemplating a determination that these plans are a
defined contribution component of a defined benefit plan. The Board believes
that the DROP plan is a part of the defined benefit plan. The IRS position
centers on the market rate of eamings and suggests to maintain the defined
benefit status that the rate be definitely determinable, such as a market rate with
a floor of 0% and a ceiling rate, or a fixed rate of retum.
The Board had provided this information to the Village and the Union who asked
the Board to make a recommendation for a solution. The Board recommended
that the rate of retum be fixed at the actuarial assumed rate of retum, which is
currently 7.50%. No resolution has yet come from the Village and the Union.
4. After the Board completed the purchase of the 5% allocation to the Templeton
Global Total Retum fund, Salem Trust offered a new R6 fund class for the
Templeton Global Total Retum. The Trustees agreed to move to the new share
class, saving 10 basis points on the investment (reducfion from 75 basis points
to 65 basis points).
Page 1 of 2
TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
Summary of Actions for Quarter ending 12/31/73
5. The next actuarial valuation will begin to include the new GASB 67 requirements.
The additional expected fee range is $1,200 to $2,200 for the inclusion of these
new mandates. The quoted fee includes a$750 reduction for the fact that the
State law no longer requires the filing of the additional disclosures comparing the
Fund to FRS and using its 7.75% assumed rate of retum.
6. The Board determined to seek a fee reduction from Salem Trust for failing to
provide timely month end statements in the summer of 2013 during the transition
to their new reporting system. Salem Trust agreed to reduce the fees by 10% for
the quarter ended 6/30/13 and 9/30/13. Additionally, no trades were charged for
the quarter ended 6/30/13. There was no fiscal impact to the Fund as a result of
the late statements.
7. Board approved increase in the hourly ra#e of The Law Offices of Perry and
Jensen from $200 to $225 per hour effective December 16, 2013. The last
increase was in June of 2008.
8. The actua�al valuation was delivered at the meeting on February 3, 2014.
• The village's contribution decreased to 23.93% of payroll for the fiscal
year ending 9/30/15 from the 24.92% of payroll that is being contributed
this year. In dollar values, the contribution next year will be $476,118
down approximately $65,000 from this yea�s contribution of $541,194.
• The funded ratio increased to 89.6% from 85.8% last year.
• The Market Value of the assets exceeds the actuarial value of the assets
by $228,818. This is expected to lower the contribution rate, if the
assumptions are met.
9. The next meeting is scheduled for May 5, 2014.
H:\T�uesta PS 10111Meetinglminutes\Council Mtgs�2014\Teq FF Summery of Actions (Finel) as of 12-31-13.wpd
Page 2 of 2
Asset Allocation
Total Fund
As of December 31. 2013
Asset Allocation By Segment as of Asset Allocation By Segment as of
September 30, 2013 :$9,575,677 December 31, 2013 :$10,246,287
I� F
Allocation Allocation
Segments Market Value Allocation Segments Market Value Allocation
�: Domestic Equity 4,806,670 50.2 'Y Domestic Equity 5,378,194 52.5
International Equity 1,061,816 11.1 International Equity 1,148,974 112
it Fixed Income 2,921,594 30.5 � Fixed Income 2,930,422 28.6
Global Fixed Income 485,546 5.1 Global Fixed Income 503,118 4.9
■ Cash Equivalent 300,051 3.1 ■ Cash Equivalent 285,579 2.8
�I ttt�
�o � BOGDAHN
�„�"' GROUP.
Asset Allocation
Total Fund
As of December 31. 2013
Asset Allocation By Manager as of Asset Allocation By Manager as of
September 30, 2013 :$9,575,677 December 31, 2013 :$10,246,28T
I!'i II
_ � ;��,,
.
F
Ailocation Allocation
Market Value Allocation Market Value Allocation
� PIMCO Total Return Instl (PTTRX) 2,928,865 30.6 ■ PIMCO Total Retum Instl (PTTRX) 2,930,422 28.6
Gabelii/GAMCO Value 2,538,089 26.5 Gabelli/GAMCO Value 2,795,433 27.3
� Brown Advisory (BAFGX) 2,492,094 26.0 I� Brown Advisory (BAFGX) 2,702,322 26.4
Europacific Growth (RERGX) 1,061,816 11.1 Europacific Growth (RERGX) 1,148,974 11.2
■ Templeton Global Total Return (FTTRX) 485,546 5.1 ■ Templeton Global Total Return (FTTRX) 503,118 4.9
f[ Receipt & Disbursement 68,970 0.7 � Receipt & Disbursement 164,170 1.6
Checking Account 296 0.0 Checking Account 1,847 0.0
�r��E�.
�� /� BOGDAHN
� �°=�`'' GROUP
Comparative Pertormance
Total Fund (Gross)
As of December 31, 2013
Comparative Pertormance
QTR FYTD 1 YR 3 YR 5 YR 7 YR Inception Inception
Date
Total Fund (Gross) 5.62 (60) 5.62 (60) 16.05 (73) 8.07 (89) 11.39 (84) 6.06 (43) 6.87 (47) 05/01/2005
���,�i,�, _,i��, -,�. t� � � �- � �;49i 1� 1ti ��5� �
Difference -0.10 _,) �' � � -2.05 -0.77 � 0.32
All �'� �i Pians-Total Funci Mediar. 5.86 � � 9.63 12.30 b.��i; 6.3�2
Total Fund (Net) 5.57 5.57 15.84 7.66 11.00 5.64 6.42 05101/2005
'i�l'C:V 5,7� �. 2 1 i i 2 1:J.1 � 5 6 � 6. �5
'_�,_ v - _: -0 ", �
Total Equity 8.73 8.73 28.32 11.35 16.64 6.33 7.15 04/01/2005
,i 1 . .
' � _ �i_"�� r � � �� � d5 U_Oq
Total Domestic Equiry 8.95 (85) 8.95 (85) 30.04 (83) 12.09 (97) 17.28 (73) 6.75 (59) 7.49 (82) 04/01/2005
- �;f��l ��. . �Y��.. ��.; ���olicy 1r_1L �,_ ' �i���' �1 .i, � 18_z1 � . , 7.r4 -_
I r�::t- . '..- i_ _,_ 0.1!
3 ��ii:. �, -i'; �., _ i -1
Total Intemational Equity 7.71 (6) 7.71 (6) 20.48 (51) 7.86 (35) N/A N/A 9.44 (20) 05/01/2010
_ � ,_. _� - .
� , , ,
Total Fixed Income 0.22 (63) 0.22 (63) -1.38 (54) 2.66 (91) 3.99 (95) 4.49 (77) 4.25 (79) 04l01/2005
, ,::i ! i ,...:. _ - 7 _ „ ;'
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Difference � ., _� ? _ . � � �� t3
1��1 U S r�roa�i nn,arket F�xed Ir�rome (SA+CF+MF) Mediar ���:� ��;.. _ � i. 2� ': 08
Total Domestic Fixed Income -0.04 (7� -0.04 (77) - 1.64 (60) 2.57 (93) 3.94 (95) 4.46 (77) 4.22 (SO) 04/01/2005
�;;y -C.1's (83) -0 i4 (83j �1��� � � = (75j 4.39 17?��
� G 10 U 10 �i F�r� -ii.09 -i1.17
, , , � 0 �' `�� J � ; -�� �, 2" :}8
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Tota Diversified Fized income 3.27 (1) 3.27 (1) N/A N/A N/A N/A 3.27 (1) 10/01/2013
� � ,� , . _ ,� �,9 (?g) 0':�<! l3fti � �, 0.���; (3:5;
�iiite�e;ice 2 28 22u iviA iv;:��, iV;A i�;A 2.28
IM Global Fixed Income (MF) Median 0.68 0.68 -2.18 3.08 5.57 4.75 0.68
Retums for penotls greater than one year are annualized. rFi E
Returns are expressed as percentages.
Retums prior to June 2010 do not include cash. � B OG DA H N
18 � �,a�•>" GR�UP.
Comparative Pertormance
Total Fund (Gross)
As of December 31, 2013
QTR FYTD 1 YR 3 YR 5 YR 7 YR Inception Inception
Date
Brown Advisory (BAFGX) 8.08 (98) 8.08 (98) N/A N/A N/A N/A 21.70 (96) 02/01/2013
Rusself 101�0 Grc�vth Irdex 10.44 (58) 10.44 (58) 33.48 (49j 16.45 (23) 20.39 (20) 8.24 ;2J} 28.00 (47)
Diffe��rce -7..36 -2�o N/A N/A N/A N/A. -6.30
3��� �yF .^_ 3. ,�o���^fih Fqui?y i;MFI Median 10]0 1'� %!i � s-3�1 14 67 18.78 7 22 �-,0
Gabelli/GAMCO Value 9.79 (41) 9.79 (41) N/A N!A N/A N/A 24.89 (65) 02/01/2013
_ _„ `�i ali , � _..-_. �).95 i4DJ �.40) _ i'r qfi� 4.5� �' . '.4 '�Si
_ .._ J-'i6 _ 1��1�- �. �J��, �d'
I IJ.`_� �.11 �aii ��r�i� � �,�_�ri��a, �Aq c,i:�}n 1'L- r,_, � .
Europacific Growth (RERGX) 7.71 (6) 7.71 (6) 20.57 (49) 7.74 (38) N/A N/A 12.69 (47) 06/01/2010
; � r �l : � ii�r, _ :� i
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�_u� �..�, �� -�� "�i _ ,, ��i���
i r•,. : �
�� 1 j��,_ i _�i L 3 J�c: �_:s�� ., :f�' � I I'. .';��, '," �'.�IF�i1 _ .. .. . � ,._. _ I � �... .. .. , .._
PIMCO Total Return Instl (PTTRX) -0.04 (63) -0.04 (63) N/A N/A N/A N/A -1.66 (65) 02/01/2013
BarclaysAggregate Index -0.14 (7�i J.14 (72) �__ ,�5; �.�i; �5��� 4.44 . 4.91 i�:J� -1.33 (441
Difference � 0.10 N/A N/A NIA N/A -0.33
IM U S Broad Market C; __ _, =.14 0 14 1.93 3 55 6.11 4.73 -1.45
Templeton Global Total Return (FTTRX) 3.27 (1) 3.27 (1) N/A N/A N/A N/A 3.27 (1) 10/01/2013
Cv��rsified Fixed Irc.me lii,+.�::�. ��.9J ;38) G.99 (38) -t9� 1�7i 5.24 (14) 10_57 !17) 6.93 (6j 0.99 (38;
D�iference �.�8 2.28 tJiA t�/A NiA N/A 2.28
IM Glo6al Ffxed Income (MF) Median 0.68 0.68 -2.18 3.08 5.57 4.75 0.68
Retums for periods greater than one year are annualized. �l F I f�:
Retums are expressed as percentages.
Retums prior to June 2010 do not include cash. � BOGDAH N
19 � ' GROUP.
Comparative Pertormance
Total Fund (Gross)
As of December 31, 2013
Comparative Pertormance
Oct-2012 Oct-2011 Oct-2010 Oct-2009 Oct-2008 Oct-2007 Oct-2006 Oct-2005
FYTD To To To To To To To To
Sep-2013 Sep-2012 Sep-2011 Sep-2010 Sep-2009 Sep-2008 Sep-2007 Sep-2006
Total Fund (Gross) 5.62 (60) 11.17 (73) 15.26 (83) 0.23 (51) 14.56 (2) -1.12 (76) -11.34 (19) 14.82 (41) 4.67 (97)
,. _�
!uffll�u . ����/ � _`,i 1�_Z3 8`� ''i _ � �J'�� �+J__ (4t' �,.,, -,_^ _ _, _� t;�
f��: . ,.. �� ?�' ' G;' ? r � > � �_ -,, �''
�il F'i�,� I � r'�-_,I�:. i.;. � . _.;,i'1 SF:� �.�ifl i �:li.�'� _ .. _. .._.. i;!.`, . _ ..�
Total Fund (Net) 5.57 10.78 14.79 -0.09 13.99 -1.39 -11.80 14.24 4.07
.iai� ! _,, � �� _� � -_ � _ ^' i� ,� - iss
i;ffen. - U_�i` S 4� ,�=i - 1.4�1 I ll�l - 1.��r C,_hfi L�� - S.R1
Total Equity 8.73 20.30 25.01 - 3.81 20.84 - 10.99 - 21.39 21.99 5.38
' _tal �� ;�; v :�;� !1�� _ �.D`i __. , _. � 21 �)f> ��_. 4^�- 1n - ,
_ _ . 1^ � ._ :'._
i ... � , . ,
Total Domestic Equity 8.95 (85) 20.73 (49) 26.39 (72) -2.00 (82) 19.94 (2) -10.99 (93) -21.39 (60) 21.99 (13) 5.38 (95)
1vi�il . ... � :j� - , _ .. � . :I i . � . i, . , . . . . . _.. � ,-� .. �� _ J;
Differe -1.1': ��, i.54 l a1
��1 U-' �� Core Equiry (SA+CF) Median 10.46 'C E1 � �1 50 � �� ��� � �� '�� '6
Total International Equity 7.71 (6) 18.18 (87) 18.57 (12) -12.08 (72) N!A NiA WA N!A N/A
� ��at�onal Equity Pohcy 4.81 (78) 18.07 (87) 14 3� (66) 8.94 �20? NIA NlA N/r��� � ^�!A
�, , 2.90 0.11 4_2A -3 14 N1.A N/A PJIA ?��'A
G G � �n c�-- , , v, �, ��
� �� � , ���,�1 ' : �i �';�-� Co!e F!�uit�Y;Mr i f,� ^�an �.�8 _ __� , � q � �i._ _ � � -2J_.,_, ��, i� � .
Totai Fixed Income 0.22 (63) -1.47 (66) 4.14 (98) 4.51 (46) 7.12 (95) 9.03 (80) 3.55 (15) 5.93 (13) 3.88 (37)
i�i<. y 02 l-_� t� _ 41 4. _�� _� � O� 1Ci �ll - 3.1 4- (24i 54 i57)
� _ 20 , �5 1 . _ D_0' _ � 0_ _ � , .'��4
i. _i_: ��zi�i � .... � __ - �, i,,.� �4 � __ -i :�(_ �
Total Domestic Fixed Income -0.04 (77) -1.47 (66) 4.14 (98) 4.51 (46) 7.12 (95) 9.03 (80) 3.55 (15) 5.93 (13) 3.88 (37)
, n- �
rl ��. _ �,��_ - _. 1 4 � '.� _ z � -,� ����'� _ �� �'�:
I°��r�_'i _. .. � �_ , U -,, i_;<4
'�'!'J ` , .�,:�.,.-.' . C��'....t r� ,,, .i !;•.: , ". ' �':'�� ..<�., .;.54 � _J5 . .-, 4.. ..:. i _'.2 q . ;
Tota Diversified Fixed Income 3.27 (1) N/A N/A N/A N/A WA N/A N/A N/A
Diversified Fixed Income ��uex 0.99 �8� I:�o �:��5, 14.15 i;-� �._ '.,� �� �_��� �'I�; I`J.��� �i3; -Z.�u� �,:'C; �.41 �3�; 6.20 �"I i
Dffference 2.28 N/A N/A N/A N/A N/A N!A N/A N/A
IM Global Fixed Income (MF) Median 0.68 -1.39 7.44 1.52 7.91 14.10 -1.47 7.30 2.54
Retums for periods greater than one year are annualized. ���� {�.
Returns are expressed as percentages.
Returns prior to June 2010 do not include cash. � BOGDAH N
20 �, `� . GROUP.